New Contract Terms Tracking Provides Greater Visibility into Vendor Commitments and Obligations
CONCORD, MASS. – September 17, 2019 – ProcessUnity, a leading provider of cloud-based applications for risk and compliance management, today introduced an expansion to the contract management capabilities within its award-winning Vendor Risk Management software. The new functionality allows organizations to extract, catalog and track the terms that make up individual vendor agreements, providing greater insight into contract risk across vendor populations.
“Every contract and agreement consists of terms, conditions, provisions and clauses – all of which could pose risks to an organization. Our new capabilities give vendor managers and legal teams tools to surface the meaning of of these terms, categorize them and perform ongoing analysis,” said Todd Boehler, Vice President of Product Strategy at ProcessUnity. “The ability to break out terms from the contracts themselves gives customers a quicker understanding of their risks while making it easier to determine the impact when things change.”
With term-tracking, as customers execute new vendor agreements, they can assign the specific terms and provisions, define the clause meaning, and establish a baseline for analytics and risk analysis using ProcessUnity’s simple menus and drop-down choices. This matching process allows organizations to map the terms of static PDF contracts for greater visibility and optimized control.
The new capabilities include a library of best-practice legal terms created by the in-house sourcing office of one of the largest and most prestigious law firms in the U.S. This exclusive content provides customers with standard definitions for commonly used legal terms and serves as a jump start for customers. This content includes terms and associated values for assignability, confidentiality, indemnification, limitation of liability, severability, cybersecurity insurance and more, representing dozens of meaningful assignments.
Supporting customers across the globe, ProcessUnity’s Vendor Risk Management solution identifies and helps to remediate risks posed by third-party service providers. Combining a powerful vendor services catalog with risk process automation and dynamic reporting, ProcessUnity streamlines third-party risk activities while capturing key supporting documentation that strengthens compliance and fulfills regulatory requirements.
For more information on ProcessUnity’s cloud-based risk management solutions, visit https://www.processunity.com.
ProcessUnity is a leading provider of cloud-based applications for risk management and service delivery management. The company’s software as a service (SaaS) platform gives organizations the control to assess, measure and mitigate risk and to ensure the optimal performance of key business processes. For public companies and regulated industries, ProcessUnity Risk Suite delivers effective governance and control, vendor risk mitigation and regulatory compliance. For benefit plan administrators and other financial service firms, ProcessUnity Offer Management controls complex product offerings and strengthens client service experience. ProcessUnity is used by the world’s leading financial service firms and commercial enterprises. The company is headquartered outside Boston, Massachusetts. For more information, visit https://www.processunity.com.